Suchergebnisse

The provision of public properties that generate income for the public sector, used as securitization in government bonds, is under consideration both from public and private sector during the last few years. The efficient exploitation of the long term contracts under Public Private Partnership schemes (either infrastructures or other real assets) that produce steady cash inflows can result to a lower cost of borrowing-funding for the State, by linking the efficiently priced future expected cash flows of PPP's, with a special form of sovereign covered bonds issued by the Government. This paper, after a review of covered bonds advantages and recent market developments, examines the major parameters that governmental authorities should review and assess in order to achieve optimal pricing from a market point of view of PPP contracts. Such parameters include Primary Objectives of the public sector, expectations about future developments in inflation, growth and interest rates, availability of government funding and key objectives about management of Public deficit and Public debt, as well as the pricing sensitivities of PPP contracts expected cash flows on some of these factors. Also the paper develops and assesses the possible uses of PPP contracts for the purposes of enhancing the credit quality of new Sovereign Covered Bonds (Linked with PPP contracts), together with the broader objective of efficiently mobilizing the Public assets portfolio in delivering to the State, efficiently priced and optimal Public services and under specific conditions, lower cost of funding or refinancing for the State, compared to the unsecured senior debt obligations of the Government. The standard market model of the public sector in pricing PPP's projects is extended and connected to optimization of quantitative objectives of the Public Sector in order to achieve specific targets under different assumptions about the underlying variables. Issues of legislation, marketability and liquidity of the proposed schemes as well as mutual benefits for the market participants are highlighted as well as market practices from the private sector covered bond market. ; peer-reviewed

This paper gives examples of public/private partnerships that support research, support drug development and that advance policy development, suggesting that such partnerships can advance our understanding and control of emerging infections. The investment in emerging infectious diseases from government and from industry is currently much larger than that from philanthropy. Nevertheless philanthropy, even with limited dollars, is able to play a catalytic function and provide risk capitol for innovative partnerships and could in the future play an even larger role if the value of such investment is better defined and argued to recruit additional dollars to this area.

Der Artikel widmet sich den aufkommenden afrikanischen Anleihemärkten in Lokalwährung. Dabei wird zunächst herausgearbeitet, weshalb diese Anleihemärkte ein zentrales Element für das allgemeine Vorhaben der Vertiefung peripherer Finanzmärkte und damit wichtiger Baustein jeder weiteren marktbasierten Entwicklungsfinanzierung sind. Im Zuge dessen diskutiert der Text auch die politischen, ökonomischen und sozialen Konsequenzen dieser Anleihemärkte. Darauf aufbauend widmet er sich der im Vergleich zu anderen einzelstaatlichen Akteuren herausragenden Rolle deutscher Institutionen bei der Etablierung dieser Anleihemärkte in Afrika und fragt nach den dahinterliegenden Interessenlagen. Der Artikel diskutiert die These, dass deutsche Kapitalfraktionen ein Interesse an vertieften peripheren Finanzmärkten haben, um eigenes Überschusskapital zu verwerten und neue Märkte zu erschließen.

Previous studies of privatization have considered the cost effectiveness of privatizing more labor-intensive services. Here, the effectiveness of public & private delivery of a more capital-intensive service -- insuring municipal bonds against default -- is examined. Credit enhancement for local government bonds is available from private insurance companies & from some state governments. Because of their reduced default risk, bonds backed by a third party should incur lower interest rates. Two questions are considered: Does a third party guarantee lower interest rates? Is private bond insurance more cost effective than the credit enhancement programs of state governments in lowering interest rates? 3 Tables. HA